Distributed energy storage company Sunverge Energy and Japan-based industrial conglomerate Mitsui & Co., have formed a strategic commercial relationship enabling the two companies to collaborate on select market development initiatives starting in Japan.
The arrangement complements Mitsui's $10 million investment that was part of the $36.5 million in Series C Preferred Stock financing raised by Sunverge earlier this month.
"Japan is the second largest market for solar PV growth, which in turn is driving demand for intelligent distributed energy storage solutions," said Ken Munson, Sunverge co-founder and CEO. "Mitsui has been a pioneer in renewable energy and has made early strategic investments in energy storage, and we look forward to working with them to bring the benefits of Sunverge's advanced technology to more utilities and energy users throughout Japan."
Sunverge designs and manufactures advanced, intelligent energy storage systems that allow electric utilities to automatically execute demand response programs for individual customers or to meet peak energy demand for an entire community or service area by linking them into "Virtual Power Plants." This unprecedented level of control, provided via a flexible cloud-based platform, provides more intelligent, automatic and efficient management of distributed energy resources.
Japan was the world's second largest market for solar PV growth for two years running, adding a record 6.9 GW (2013) and 9.6 GW (2014) of nominal nameplate capacity, according to the International Energy Agency.